Four months after being hired to help the city of Detroit find a way out from under its mountain of debt, Jones Day is taking the lead advisory role on what is poised to become the largest municipal bankruptcy in U.S. history.
And although the filing comes well ahead of the end of the $3.35 million, six-month contract under which Jones Day serves as the city's restructuring counsel, Michigan Governor Rick Snyder said in approving the voluntary Chapter 9 petition filed by the city in U.S. Bankruptcy Court for the Eastern District of Michigan — which he was required by law to sign off on — that it was decades in the making.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
